Forex Trading has taken over the world like a storm in the past few years. When discussing the Forex in some specific regions, South Africa is often mentioned as one of the biggest names.
Forex is all about trading currency pairs from the comfort of your home. All you need is a device, such laptop or smartphone, to get started. However, trading platforms serve as the medium between you and the trading world.
If you are unfamiliar with the large variety of Forex trading platforms in South Africa, this article will answer your questions.
Best Forex Trading Platforms South Africa
These platforms allow users to engage in Forex Trading. All of them are unique in terms of features, tools, and conditions. Every broker uses a different trading platform, but some of them are general.
These are popular trading platforms, trusted by millions of people around the world. Therefore, you do not have to worry about legitimacy or scams.
With that said, let’s look at some of the best Forex Trading platforms South Africa.
- MetaTrader 4
MetaTrader 4, or MT 4, is a trading platform registered under MetaQuotes Ltd. First released in 2005, it was the most popular software for Forex until the later version came into the picture.
MT 4 is still widely used and supported by many brokerage companies. Even some of the biggest names, including Exness, FXPro, and Octa FX, use this platform as their primary one.
The biggest benefit of MetaTrader 4 is its ease of use. It is a user-friendly platform with tons of useful tools. You can create and review interactive charts, form a detailed analysis of your trades, and much more.
For beginners, it is easily the ideal software to start Forex Trading. Plus, it is available for both desktop as well as mobile versions.
- MetaTrader 5
MetaTrader 5 is one of the recent most-used Forex Trading platforms South Africa. It is available in web, android, and iOs versions. The software takes a much more detailed dive than its predecessor.
This platform is more aimed at advanced and experienced traders. It has comprehensive tools, 21 timeframes, a large variety of asset classes, and an informative interface.
You can also use its additional services, which include virtual hosting, copy trading, trading robots, etc. Due to these reasons and more, it is not suitable for beginners.
cTrader is another popular trading platform by Spotware Systems Ltd. It is often compared with MT 4 and MT 5. Although it is quite supportive, it is not as feature-rich as MetaTrader software.
cTrader is easy to use and has a user-friendly interface. Plus, it has some additional features too. These include available financial centers during market hours, an economic calendar, and the depth of market.
This software is suitable for both new and intermediate traders.
- Other Forex Trading Platforms South Africa
Other than the ones mentioned above, you can find some special platforms that specific brokers created. Therefore, such platforms will differ from the brokerage house you choose. For instance, Blackstone Futures made and uses CloudTrader.
According to your requirements, you can find various Forex Trading Platforms South Africa. If you are a beginner, make sure to choose a simple one. A complex one will be more suitable for advanced traders. Considering these factors, you can easily find the right one for you.